Is a merger of XM Satellite Radio and rival Sirius in the cards? According to a research report by Lehman Brothers, it might happen if growth for the pay-radio industry keeps dropping. The firm said
in a research report that if the two merged, they could save $1.3 billion a year. The marriage might be a plus for listeners, but a negative for content suppliers and equipment partners. If this
scenario happened, Lehman estimates that XM would be worth $45 a share; Sirius would be worth $9.50 a share.
